Adani Enterprises to raise Rs 1500 crore

Adani Enterprises Ltd has announced that the Board of Directors of the Company at its meeting held on May 20, 2009, inter alia, has appointed Mr. Anil Ahuja as an Additional Director of the Company.

The Board of Directors has decided to issue, offer and allot equity shares or instruments convertible into Equity Shares ("Securities") up to the amount not exceeding Rs 1500 Crores (Rupees One Thousand Five Hundred Crores only) in one or more tranche or tranches inclusive of such premium, to Qualified Institutional Buyers (as defined by the DIP Guidelines) pursuant to a Qualified Institutions Placement Guidelines (QIP), as provided under Chapter XIII-A of the DIP Guidelines.

The abovesaid issuance of securities shall be subject to the approval of Members of the Company and such other approvals as may be required.

The stock was trading at Rs.626.05, up by Rs.20.50 or 3.39%. The stock hit an intraday high of Rs.635 and low of Rs.610.05.

The total traded quantity was 28790 compared to 2 week average of 160232.

Source : Equity Bulls

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